cryptopi (OP)
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Activity: 168
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June 25, 2013, 07:33:28 PM |
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how are transactions processed, with no one mining?
I will be mining in the early stages to keep it alive and if you look at the bounties, there are three rewards of one million tdc each to three people who can mine it for longer. |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Oldminer
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Activity: 1022
Merit: 1001
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June 25, 2013, 07:36:31 PM |
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Pointless thread.
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nearmiss
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June 25, 2013, 07:41:43 PM |
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how are transactions processed, with no one mining?
I will be mining in the early stages to keep it alive and if you look at the bounties, there are three rewards of one million tdc each to three people who can mine it for longer. Seems kind of open ended? When/how will you decide to pay out those bounties? What are the tx fees, is that something worth mining for? The concept is nice, but you need mining to keep the network going. |
Profit-Switching Pool w/ Vardiff -> http://hashco.ws Optionally keep the alts we mine or auto-trade for BTC. In addition can be paid out in any of: 365, AC, BC, BTC, C2, CINNI, COMM, FAC, HBN, MINT, PMC, QRK, RDD, WC, XBC |
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cryptopi (OP)
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Activity: 168
Merit: 100
Want some pi with that?
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June 25, 2013, 07:46:41 PM |
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how are transactions processed, with no one mining?
I will be mining in the early stages to keep it alive and if you look at the bounties, there are three rewards of one million tdc each to three people who can mine it for longer. Seems kind of open ended? When/how will you decide to pay out those bounties? What are the tx fees, is that something worth mining for? The concept is nice, but you need mining to keep the network going. I will pay out the bounties if someone pms me saying that they have any computer (could be an i5 for all I care) and they would like to mine tdc for at least a month or two. If they can only give a smaller portion of time, then I will give part of the million bounty. Do you have a better suggestion (I'd appreciate it)? Per day perhaps? |
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Hazard
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Activity: 980
Merit: 1000
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June 25, 2013, 07:47:25 PM |
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Having no mining reward means a very low network hashrate. I will personally 51% attack and kill this shitty coin. You have my word.
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HuuHachu
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June 25, 2013, 07:57:50 PM |
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You should go for proof of stake blocks to maintain the network activity, really ... with proof of work, your coin is doomed by 51% attacks. EDIT: see above ^^
Proof of stake blocks do not even need to carry a reward if you want to keep your concept "pure".
Also, the price would probably stay very low as long as a lot of the premine has not been distributed.
But you also need to get people to trust you to effectively distribute the premine (and not secretly transfer a sizeable part of it to accounts you control).
This part will be very hard to achieve ^^
Last but not least, you need to be sure a minimum of hashing power is kept dedicated ... You may have to "rent" some, paying for it each day or week with enough guarantees for a long period help publicly ...
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noble: 9mKQpsfLeabjFsPv3YR9zYoAVymDPyfjCp
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Giskard
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June 25, 2013, 08:02:07 PM |
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You should go for proof of stake blocks to maintain the network activity, really ...
This would have been an excellent experiment to see how PoS miners mantain a "mined-out" coin. |
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cryptopi (OP)
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Activity: 168
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June 25, 2013, 08:04:51 PM |
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You should go for proof of stake blocks to maintain the network activity, really ... with proof of work, your coin is doomed by 51% attacks. EDIT: see above ^^
Proof of stake blocks do not even need to carry a reward if you want to keep your concept "pure".
Also, the price would probably stay very low as long as a lot of the premine has not been distributed.
But you also need to get people to trust you to effectively distribute the premine (and not secretly transfer a sizeable part of it to accounts you control).
This part will be very hard to achieve ^^
Last but not least, you need to be sure a minimum of hashing power is kept dedicated ... You may have to "rent" some, paying for it each day or week with enough guarantees for a long period help publicly ...
Ok, I will probably update the bounties to include a set amount for a set number of hashes per day (renting it). I may have to push the release back a couple of days in order to incorporate proof of stake to gays against 51% attacks. As for the redistribution part, I'll try to figure that out. |
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cryptopi (OP)
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Activity: 168
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Want some pi with that?
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June 25, 2013, 08:06:19 PM |
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You should go for proof of stake blocks to maintain the network activity, really ...
This would have been an excellent experiment to see how PoS miners mantain a "mined-out" coin. I will therefore probably not release it tomorrow then and incorporate proof of stake and release it a couple of days later (could still be tomorrow if I can get it done in time) |
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stevenlam
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June 25, 2013, 08:08:34 PM |
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Buy 100,000,000 TDC for 1 LTC  |
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cryptopi (OP)
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Activity: 168
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June 25, 2013, 08:10:44 PM |
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Buy 100,000,000 TDC for 1 LTC I couldn't even sell that many because I have to use too many of them for bounties and giveaways. That also seems a bit low  |
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btceic
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June 25, 2013, 08:10:47 PM |
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thought experiment
anybody care to do the math?
what would happen to a coin that increased its payout as blocks increased?
example:
first block: 1 coin
second block: 2 coins
millionth block: 1000 coind
etc
etc
last block: 10% of all coins
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cryptopi (OP)
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Activity: 168
Merit: 100
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June 25, 2013, 08:12:30 PM |
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thought experiment
anybody care to do the math?
what would happen to a coin that increased its payout as blocks increased?
example:
first block: 1 coin
second block: 2 coins
millionth block: 1000 coind
etc
etc
last block: 10% of all coins
Huh...interesting premise. Perhaps that would be a good experiment to run after this one gets started |
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B. Tazed
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Activity: 28
Merit: 0
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June 25, 2013, 08:13:01 PM |
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Even worse than another copy and paste...
*yawwwn...
Idiots.
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btceic
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June 25, 2013, 08:14:09 PM |
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thought experiment
anybody care to do the math?
what would happen to a coin that increased its payout as blocks increased?
example:
first block: 1 coin
second block: 2 coins
millionth block: 1000 coind
etc
etc
last block: 10% of all coins
Huh...interesting premise. Perhaps that would be a good experiment to run after this one gets started the level of interest by miners would increase over time, thats for sure |
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B. Tazed
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Activity: 28
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June 25, 2013, 08:14:20 PM |
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Having no mining reward means a very low network hashrate. I will personally 51% attack and kill this shitty coin. You have my word.
lol, I hope you do, should be doing the same with all the other shit thats come out in the last few days. Ill help |
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forsetifox
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June 25, 2013, 08:17:37 PM
Last edit: June 25, 2013, 11:22:16 PM by forsetifox |
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More coins must mean more profit, right? ... Right?  5 seconds per block is just silly. edit: Reading it all the 5 block times makes sense but giving yourself more than 7% of all coins is a bit much. |
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cryptopi (OP)
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Activity: 168
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June 25, 2013, 08:19:41 PM |
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More coins must mean more profit, right? ... Right? 5 seconds per block is just silly. Why do you feel it's silly? |
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Lauda
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Activity: 2674
Merit: 2965
Terminated.
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June 25, 2013, 08:42:29 PM |
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More coins must mean more profit, right? ... Right? 5 seconds per block is just silly. Why do you feel it's silly? Increase it to 10-15 seconds at least. I like the idea though  |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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cryptopi (OP)
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Activity: 168
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June 25, 2013, 08:45:38 PM |
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More coins must mean more profit, right? ... Right? 5 seconds per block is just silly. Why do you feel it's silly? Increase it to 10-15 seconds at least. I like the idea though But what's the actual disadvantage of 5 seconds that causes you to say that? |
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